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Suppose that you buy a car which requires that you make the first payment on the day that you buy it in order to drive it off the lot. The payments are $505 per month. What was the sticker price of the car if the monthly interest rate is 1.5% (periodic rate) and it takes 4 years (48 months) to pay off the car?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91559443

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